WeWork Pulls Back on Expansion

According to CoStar Group data, leases for co-working company WeWork dropped drastically during the last two quarters of 2019, reports Fortune. WeWork leased just 64,000 square feet of space in Manhattan, the lowest amount of space in five years. In London, it leased 49,000 square feet of space, reportedly the lowest since 2016.

“Following a month of record new building openings in December, WeWork continues to grow our community globally, including in top markets like New York and London,” a spokeswoman told Fortune by email. “The company is focused on profitable growth and expects to expand through new leases as well as asset-light strategies such as joint ventures and management agreements.”

The decline in new leases follows a recent decision to cancel plans for an initial public offering in September 2019.